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office, assumes no change in current laws, 2013 fiscal year budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house
, the driving passion for mr. boehner in these fiscal debates is his conviction that trillion deficits are sapping the country of its energy and prosperity. trillion deficits, his driving passion. everybody loves john boehner's passion. but this is supposedly what he feels so passionate about. this is a chart of the country's budget deficit levels every year. red bars are president bush's deficits from 2008 and 2009. blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are committed to us lurching from self-imposed crisis to self-imposed crisi
money to reduce the deficit and will likely focus on a familiar target. white house correspondent wendell goaler tells us how that is going over. >> as the president headed to minnesota to talk about gun violence, republicans on capitol hill tried to keep the nation's attention on fiscal matters. >> we are having trouble in large part because spending is a problem. it is what is chasing jobs overseas and causing much anxiety about our future. >> sunday in a presuper bowl interview with cbs's scott kelly mr. obama said this year's changes shouldn't be the last. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down the deficit. he is not talking raising rates but closing loopholes especially those making money from investment pay a lower tax rate than income salaried or hourly wage earn ers. >> the average person doesn't have access to cayman island reports. they don't have access to interest income where they pay a much lower rate on billions of dollars they have earned. >> mr. obama says the only way to continue investing in
the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that federal spending cuts will go into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall. but the cbo's ten-year outlook predicts those improvements will not last. it warns that an aging population will drive up entitlement spending and rising interest rates will put the debt at unsustainable levels. if current laws remain in place, debt by 2023 only ten years from now will equal 77% of gdp. that's roughly double the 39% average seen over the past 40 years. >>> and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. "the new york times" writes this morning that "mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the t
await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of his best comments for you and we have reagan biographer cr
today in the fiscal 2013 budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to that, the white house scrambled after the cbo announcement to cobble the press conference together. what did you think? >> one of the things, if ear going to call press conferences, he has to take questions. i
the deficit automatically picks up because there's slow revenue coming in and there's the need to spend on programs to help ease us through a slow period. it was wise policy, wise policy. >> bob, what do you think? >> well, i agree with laura that a better policy would be to put these cuts into entitlement reform and have them occur over time rather than immediately and abruptly, but it doesn't seem like the other side it s willing to engage in discussion of entitlement reform right now, so maybe we need to go ahead and do what we have to do and then keep the negotiations open. >> is that the issue then, laura? since we can't come to a deal when the republicans feel like they have leverage, they have got to do it when they can do it? >> i honestly don't think so. we have elections coming up in two years. i've heard republican members of the hill saying that this is what the public wants, the public wants a sequester. the public doesn't want a sequester. when the public realizes what a sequester means for jobs in their community, for education programs in their community, for the fact th
, he talked about the economy. when it comes to tackling the nation's deficit, president obama said sunday in an interview with cbs news there needs to be revenue involved. and it sounds like he might be interested in going after people like mitt romney. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so that it doesn't have a huge impact. and as i said, when you look at some of these deductions that certain folks are able to take advantage of, the average person can't take advantage of them. the average person doesn't have access to cayman island accounts. the average person doesn't have access to carried interest income where they end up paying a much lower rate on billions of dollars that they've earned. so we just want to make sure that the whole system is fair. >> all right. steve, help me out here. i think the democrats are holding a losing hand if they come back and ask for more taxes. they talk about raising tax rates on anybody. but if we're talking about closing loo
like the deficit in the ryan budget was we will save unbelievable amounts of money by turning medicaid over to the states and somehow they will figure it out. >> that's more information than other people are putting out. >> talk about missing deadlines, now this is a really low bar. >> what is the democratic plan in the senate, let's say, or in the white house, to save medicar medicare? >> medicare actually - actually -- interesting you focus on that. medicare has been a pretty good story the past few years. my view is double down on things happening. medicare grew only by 3% last fiscal year, unbelievable low by standards. >> will you take that gamble >> for the next five years, i will take a 50/50 bet medicare will continue to grow at much slower rates than historically. >> down to 2 1/2, 3% the next couple years. >> that will tick up a little bit as the economy picks back up but i don't think we'll see the 10% growth rate. >> so you don't think medicare is a problem? >> it is a problem but this is one area better than official projections. >> what about medicaid. >> medicaid. big pr
're brewed by starbucks. coming up next, how can washington solve the deficit and spur growth? "new york times" washington bureau chief david leonhard may have the answers, and he joins us live next. this happy couple used capital one venture miles for their "destination wedding." double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the spot she'll never sit. but i bought a dress! a toast... ...to the capital one venture card. fly any airline, any flight, anytime. double miles you can actually use. what a coincidence? what's in your wallet? [ all screaming ] watch the elbows ladies. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ if you don't have something important to say? [ female announcer ] some people like to pretend a flood could
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
deficits, and that austerity was never given a credible grade, for example, by many investors, thinking, of course, it wasn't a great strategy. i concur. here's the problem, though. you know, austerity by definition is, you know, deficit cutting with less benefits and services. now, it is a horrible word. and, of course, many governments and politicians grabbed on to it because they really don't want deficit cutting and they don't want less benefits and services. but it is pretty hard to call it austerity as we go into, what, year six of post credit crisis activity. and global economics don't dictate we're doing a heck of a lot better, even though we had some jumps in growth, which kind of can be predicated on high levels of stimulus, maybe don't call it stimulus, maybe you call it just three to four years of big deficits. now, quid pro quo on the other hand seems to be the relationship that dictates who the big buyers are of very high quality, relatively speaking sovereign debt, whether it is boons, treasuries, guilts or ooth oaths. we need a whole lot less quid and a lot more pro grow
position they'll be in. of course they're being conservative. the deficit problem is the problem for later in this decade. the jobs problem is the problem today. and this talk of a contracti contractionary fiscal position. it is hurting the economy. >> he wantive harris? >> in the end, we've got to get our deficit under control while we grow the private sector economy. we can't do it through new taxation. you can't tax your way out of this mess. that's the problem. the president has decided that's the approach he's going to take. the republicans have a different approach. we believe we have to rein in entitlement spending, the budgets up until now. again across the aisle and on the other side, they're unwilling to handle. >> we'll leave it there. thank you. >> let you both get back to work. thanks for joining us. >> thank you. >> appreciate your time. thanks very much. isn't it nice to know in two weeks you haven't missed anything? >> this sounds familiar. >> 40 minutes before the closing bell sounds. dow down 103 points. >>> google getting downgraded after a record high on friday when we
will do more than anything else to shrink the deficit and long-term tax reform, long-term entitlement reform. that's the right way to do it. but to cut now because we want to reform entitlements later doesn't make any sense. >> let me ask about that. you talk about tax reform. that's something the left wants and something the right wants. the problem is with tax reform, what it entails. here's the president today talking about tax reform, closing loopholes. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes or government programs that we agree need some reform. >> they're not little and they're not few and they're not easy. of the five of the top ten tax expenditures, these are loopholes. mortgage interest deduction, the deduction we get for health care, the child tax credit, deduction for state and local taxes, charity. okay. the presid
there's no major catalysts in the market. we got that trade deficit number narrowest in three years. >> good numbers from china. >> if we can believe them. i don't know. depends how you feel about the numbers. still the numbers were there. that was some after what the market was chewing on today. but a low volume day. >> a lot of talk about apple. we're going go after apple in a second. everyone is talking about apple and its excess cash and what's going to happen and this lawsuit from mine einhorn. >> $137 billion dollar of excess cash. that's a lot of cash. should they be returning it to shareholders? einhorn says give it back to us in the form of preferred shares. he's filed this lawsuit. i think it's interesting really that apple even responded. so often you don't heart company say anything when all of this buzz is going around. i don't know what are going to do. i don't know what the right thing is to do. but i know they should make the shareholders feel like it's worth holding that stock. >> i think there's going to be a lot of movement on that. many thanks to cnbc's courtney
additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so it doesn't have a huge impact. >> the republican leadership saying flatly, no more tax hikes. >> so they're all dug in again on the fiscal issues. if you look at the polls, wolf, the public wants the president and congress to tackle those fiscal issues. ironically, they may be closer on gun control. they may be closer on immigration reform. but it's still the fiscal issues that are the real problem. >> in the next few week, they have some major things coming up on those issues. dan pfeiffer, the president's senior adviser, will join us in the next hour to discuss guns, guns and guns. >>> the nation's new secretary of state's wasting no time getting down to business. john kerry spent a busy weekend on the phone with palestinian and israeli leader, plus officials in japan, south korea and turkey. all that was before he officially said hello to the state department staff today. >> here's the big question before the country and the world and the state department aft
on many other programs. lori: the first tape showed a contraction. as you know, there are a lot of deficit hawks out there that are happy to see cuts as painful as they may be. >> the problem is, the way it is being done now is very inefficient. it is like senator warner from virginia said. you cannot portion two thirds of a ship. lori: how is all of this impacting the day today operations? >> i think for our overseas operations, we will still have funding for that. the department of defense has directed that potentially it is a sequestration that does go into effect. all maintenance for all aircraft and ships will be stopped. we are looking at a ten year recovery rate. lori: with these cuts will be u.s. still have the largest defense budget in the world? >> ironically, i think, if done properly, again, everybody needs to take somewhat of a haircut, if you will, on spending because of our economic situation. the pentagon can take some more cuts. i will not give you what that number may be. if they budgeted around 450 billion annually, which is a fairly significant cut from where we were at
to lower these deficits. connell: that means the problem is not, as you say, tomorrow's problem. what is a reasonable timetable for when the deficit and the debts are a big, big problem? >> i think in my view, it is as far as the eye can see. we are always thinking about a ten year horizon. we need to broaden not out even further. when you do that, the problem becomes a lot more acute. with a debt to gdp ratio, it is not so serious compared to other countries such as japan. it just is not as dire as the headlines suggest. connell: when do we deal with it? is there something to this argument to spend more money so we can create jobs? what is the timetable for when we actually should deal with it? >> i think that if you ask me do we have to do with the problem and the next three months or the next 30 seconds, the answer is no. the economy is growing below 2%. in that kind of an environment, you have to continue to be supportive. when you look at the payroll tax, that takes a considerable chunk off. you have to sequester that will take off an equal amount. we have to be careful not to ov
the deficit under control. >> alan, talk to us about the context of the economy in light of that policy. do you think there's any risk that perhaps the fed might not step away from its policies in terms of buying assets soon enough? >> melissa, as you know, we have a long-standing practice of not commenting on the fed. the federal reserve board is an independent agency. so i'll respectfully decline. but i think what's important is that the administration and congress continue to make the steps to build a stronger economy, an economy that works better for the middle clags and helps put us on a path of a sustainable budget in a balanced way. >> let me put it another way, alan, then. do you think the economy is stronger than what wall street is forecasting right now? in the jobs numbers? >> i think the main risk we face right now is that congressional gridlock could prevent us from making a step we need to build a stronger economy, an economy that works better for the middle class. we are seeing improvements in the housing sector, since housing was ground zero for the financial crisis. i think
. let's reform the defense budget and look at the largest drivers of our deficit in mandate spending programs those on the left end of the spectrum don't want to cut. >>brian: they took gates cuts and are going try to up them by $500 billion. leon panetta takes over from them. has the same fear. here's what he said yesterday on "meet the press." >> we've got a plan for that possibility because there are so many members saying we're going to let it take place, but i have to tell you it is irresponsible for it to happen. i mean, why -- why in god's name would members of congress elected by the american people take a step that would badly damage our national defense, but more importantly undermine the support for our men and women in uniform? why would you do that? >>brian: that is inaccurate. it is the president who proposed these sequester cuts. this isn't congress doing that. and republican fear about these cuts, would you say that's accurate? >> i would say it's accurate. there is a growing resignation to them on the hill for some reason. i was there two weeks ago. everyone seems re
and deficits we would have a blueprint for spending. >> greta: it's the job and the law. i realize others before him going back to president johnson have ignored it, but the rest of it, we follow the law and do our job. why is this like it's okay to do it? there is no management when you don't meet these criteria? >> maybe because other than this show tonight, you look at a lot of pressure. it's a pattern, too. there are five other examples that i can point to that the president has not met a deadline. one is report how the sequester supposed to work, it's not done. they have missed most of their mid session reviews which is the midyear, mid-july deadline. they have also missed the chinese currency report and more recent the medicare trigger. you are supposed to have a proposal how to reform medicare. they ignored it. finally the regulatory agenda, two times a year, they put it off. finally issued two days before. >> greta: the house and senate signed a bill to suspend the debt ceiling until may. that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on wh
party cares about, deficit and other things. i don't think he does. i think they give him a pass on this because he is hispanic and he would go along and be in strong shape for 2016. >> the man who wrote the article said marco rubio has been able to walk the line or bridge the gap between traditional republicans or establishment and the tea party and then he's been able to do that because i like the line, he said that he speaks conservative as a first language. >> that's absolutely true. i do slightly disagree with what bob said, that's the reason why they're going to give him a pass is because he's hispanic. i don't think so. i think to your point, it's because he's incredibly persuasive and able to finally bring people together. if you listen to him go around and do those talk radio interviews with some of his most ardent critics last week, i mean, not just talk radio, but people on the very far right, they have come his way. he's very persuasive. i thing i love is he's not persuasive about the dumb stuff. he doesn't comment on dumb stuff. these hearings have elevated him. you
to say. our deficit is a big problem. >> what about our taxation system? when i pick up my bible, you know he what i see? i see the fairest individual in the universe, god, and he's given us a system. it's called time. >> well, he didn't stop there because carson is the head of neurosurgery at johns hopkins. listen to his take on obama care. >> he's my solution. when the person is born, give them a birth certificate, an electronic card and a health savings account. when you die, you can pass it on to your family members so that when you're 85 years old and you've got six diseases you're not trying to spend up everything. you're happy to pass it on and there's nobody talking about death panels. >> well, rush limbaugh said republicans could learn a thing or two from the good doctor. >> he sets out a position based on our principles of individual responsibility and free market that is a logical solution that makes total sense to everybody who hears it. >> this man said it while obama's sitting there. this is the kind of thing the republican party should have been saying for the past four
this regarding eric cantor, who is giving a much-hyped speech regarding the deficit and towards a broader and more inclusive role they can play. he says mr. cantor can apply the existing gop policies. so that, i think at this point in time is a great question for the republican party at least right now. can their response to the 2012 election be to just change the tenor and temperature of their approach to politics rather than the actually policies. can they just stop primarying guys like dick luger without changing the approach to say, inequality. that is the message, changing your hope is different than changing your policies. it is great to have you both here, thank you for joining us. >> great to be here. >> molly, so can they? do they need to do more, need to sort of go back and look at policies or can you actually get pretty far just by changing the way your party acts in public? >> i think the answer is yes. they have to do both. and first of all the republicans find themselves in a situation that the democrats found themselves in maybe a decade ago, where they are on the wrong sid
you. >>> when thele toings who are responsible for solving our debt deficit issues are the same ones against cost-cutting at the post office, it means we're in pretty deep trouble. we'll talk about it next. stay with us. ak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts. and a smartphone... with an e-trade app. ♪ nobody knows... [ male announcer ] e-trade. investing unleashed. >>> a
are you thinking? this winter in storm. everybody at a deficit. this will be the first big storm we have had in a very long time big zacket. two storms now. this is where all the moisture is out across the south. cold air is with this system across the northern plains. both of these storms are going to continue to move up here. they will get together. we call it phasing the streams insteps city once it gets over water. that will happen areas across the northern hazell of jersey. philadelphia and d.c. nor of an new england storm. blizzard watches for boston and proched. very strong went with this. areas of new england definitely getting a monster storm boston and portland inland two feet 32-degree line make a difference for new york. going to be over 1 to 3 inches. maybe 3 to 6 if it goes farther toward the south. shep? >> shepard: not too bad for us. heavy fog may be to blame for a gruesome scene this morning after a series of crashes involving some 27 cars and trucks. officials say it happened on interstate 16 west of savannah, georgia likely because vanget as many as seven tractor trai
deficit reduction through spending cuts alone. >> yes, we can. [ laughter ] >> we can. >> john: now, that is romance. before we go tonight. one more look at the radar on the scene from boston as the huge storm is getting ready to wrap you up. expected to dump as much as 3-foot
know, we've heard from republicans, we want to shrink the government, we want to shrink the deficit but not the why. >> i definitely think we are about solving the big problems, macro fiscal problems. the president hasn't joined us. but the reason we're doing that is we want to help people. we don't want to see interest rates skyrocket. what's that going to do to people who are already struggling to pay their mortgage? we don't want to see taxes go up anymore. what's that going to do to somebody who already has now just experienced a tax hike. we want to make life work again, and the path to do that does include trying to get a handle on the fiscal situation here in washington, but it also means putting in place policies that help people with their health care costs, their education needs, college tuition and the rest. >> you want to make people's lives better. some might ask how you can do that and still slash the federal budget the way you want to slash in order to meet your other goal, which is to reduce the deficit. >> well, again, these are, you know, things that we're trying t
has been the weakest recovery in 75 years and trillion-dollar annual deficits. the sequester will help the economy by leaving more capital for private investment. the sequester will surely require worker furloughs and cutbacks in certain nonpriority services. but most of those layoffs will happen in the washington, d.c., area. the recession-free region that has boomed during the obama era. >> wow. not a lot of republicans would agree with that because the sequester would hurt the pentagon. that's why they're talking about the d.c. area. >> can you raise my hand and say i'm one republican that would agree with that? we've got to cut defense spending. >> we have to. >> we've got to, and we've got to cut spending. >> willy-nilly, though. so the sequester is willy-nilly, isn't it? you wouldn't want to cut having the sequester do it? >> didn't congress make the sequester? >> that was a carrot and stick situation. the sequester is the stick. >> the problem is you can't get the president of the united states to put alternative cuts on the board. he'll talk in generalities. and the republicans
$745 million in budget deficits over the next decade because of a widening gap between how much they're actually making and spending. good luck, ravens. gretch? >> gretchen: thank you, brian. "fox & friends" has gone to the dogs. champion dog, that is. the westminster kennel club dog show, america's second longest continuously held sporting event. today we're honored to have some of the pups competing. joining me live, the voice of the westminster kennel club, david frye. hard to believe it's been another year. >> it goes by fast. >> gretchen: so what's this beautiful creature? >> this is a tibetan mastiff. it's again, we talk about new breeds, it just means they're newly recognized because they've been around for thousands of years. we finally got them out of tibet and over here to this country. you can see what a wonderful regal dog it is nonresponsive this is in the working class. >> yes. kondra. >> gretchen: let's have her go off with her owner. how much does she weigh? >> probably 140 or 50 pounds. >> gretchen: then the little guy. i used to have a jack russell terrier. that's w
Search Results 0 to 49 of about 56 (some duplicates have been removed)